Mon 08 Oct 2007 – 15.16
Now’s the time, folks. Stash that cash so we don’t find ourselves S.O.L. many years from now. You know, with Social Security going to fund the war in Iraq and all. From ZenHabits comes a list of tips for saving for retirement. Most of these have to do with where to put your money, implying that your checking account is not a good place — under your mattress is a worse place. Here’s a sample:
7. Emergency fund. The recommended 3-6 months of expenses for an emergency fund is a good guideline, but if you don’t have any emergency fund, you should save up at least $1,000 (to start with). Without an emergency fund, you will cut off your retirement contributions anytime an emergency comes up. You absolutely need to start saving an emergency fund today if you want to prepare for retirement. Set up regular transfers to a savings account today.
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posted by Scott in personal finance.